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Todays settlement price on a Chicago Mercantile Exchange (CME) Yenfutures contract is $0.8011/100. Your margin account currently has a balance of$2,000. The next three days

Todays settlement price on a Chicago Mercantile Exchange (CME) Yenfutures contract is $0.8011/100. Your margin account currently has a balance of$2,000. The next three days settlement prices are $0.8057/100, $0.7996/100, and$0.7985/100. (The contractual size of one CME Yen contract is 12,500,000). Youhave a short position in one futures contract.(a) Calculate the changes in the margin account from daily marking-to-market and thebalance of the margin account after the third day.(b) Do the problem again assuming you have a long position in the futures contract.

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